ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Marginal benefit refers to the additional positive value one receives from undertaking one more unit of an action.

Detailed explanation-2: -Positive Marginal Benefit The positive marginal benefit occurs when consuming more units of a product brings extra happiness to the consumer. For example, for a consumer who likes eating ice cream, the second ice cream would bring additional joy. Hence, the marginal benefit of consuming extra ice cream is positive.

Detailed explanation-3: -The marginal benefit is the amount by which an additional unit of an activity increases its total benefit. It is the amount by which the extra french fries increase your satisfaction, or the extra revenue the firm expects to bring in by hiring another worker.

Detailed explanation-4: -Marginal benefit is the benefit that a person receives from consuming one more unit of a good or service. Marginal benefit is measured as the maximum amount that a person is willing to pay for one more unit of the good or service.

Detailed explanation-5: -Marginal analysis is an examination of the additional benefits of an activity compared to the additional costs incurred by that same activity. Companies use marginal analysis as a decision-making tool to help them maximize their potential profits.